Axa reveals UK and Ireland personal lines growth slowed in 2024

Axa has revealed that it saw lower volumes in personal lines across the UK and Ireland during 2024.

In a trading update published yesterday (27 February 2025), the insurer said that it saw the UK and Ireland personal lines market soften following double-digit price increases in 2024.

And while at group level personal lines premiums grew 7% to €19.1bn (£15.8bn) year-on-year, Axa said “this was partly offset by lower volumes in the UK and Ireland and Germany, primarily in H1 2024”.

However, the insurer said it was seeing continued improvement in commercial lines across the group, with premiums in this area of the business rising by 6%.

Group gross written premium (GWP), meanwhile, sat at €56.5bn (£46.7bn), 7% higher than in 2023.

’Strong performance’

Despite growth slowing in the UK and Ireland personal lines market, Thomas Buberl, chief executive at Axa, said the group delivered a ”strong performance” in 2024.

“We have a clear strategy fully focused on insurance and built around leading businesses, supported by a robust balance sheet,” he said.

“This is producing attractive and consistent results, with record topline and underlying earnings per share, both growing by +8% this year, and cash generation of more than €7bn.

“Our group is now growing at a stronger pace, with robust revenue growth across all lines of business and geographies.”